Business

Minster Law signs deal extension with Principal to manage bike claims

The deal comes as Principal revealed it has seen an 11% policy count increase in the last year

Minster Law has revealed it has signed a new five-year deal with specialist broker Principal Insurance, to provide non-fault motor legal services to their 50,000 UK customers.

The deal extends the 2019 contract and underlines Minster Law’s continuing presence in the market for specialist bike injuries, and according to Minster Law CEO Shirley Woolham, enables Principal to take “full advantage” of the move to a digital service.

Woolham said: “The partnership with Principal has been a great success. As specialists within the bike market, together we’ve been able to deliver a first class claims experience for Principal customers.

“This new deal cements Minster Law’s market position in bike, providing a platform for a renewed push to further build market share – we believe our model will prove attractive to other insurers and broker with a footprint in bike.”

The deal comes as Principal revealed it has seen an 11% policy count increase in the last year. Principal has 100 employees and a turnover of £7m. Its book comprises 65% bike and 35% car and motorhome.

Dave Bowcock, founder and CEO of Principal, said: “Our partnership with Minster has been integral to delivering a high-quality claims service to our customers. We share the same ethos of delivering excellent customer outcomes, so it was an easy decision to extend the current deal to 2026.”

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